The banks will report against an uncertain backdrop of interest rates this week, as home owners look to cut back spending in other areas to pay their mortgages.
The banks will report their earnings this week as the Reserve Bank of Australia prepares to possibly raise the cash rate for the first time in more than a decade on Tuesday., usually to understate their spending, hinting that mortgage stress may start to appear sooner than expected.
ANZ owner-occupied home loans fell to $172.871 billion in March, down from $173,095 billion in February. Its investor loans were broadly flat, at $87.697 billion in March.Macquarie, which reports on Friday, has seen the fastest growth as it lays down the challenge to the big four, with its owner-occupied mortgages jumping to $50.249 billion from $48.913 billion, and investor loans growing to $36.221 billion from $34.949 billion.
Jess, who didn’t want to give her last name, is in a similar situation after also giving birth to a new baby. Ms Lambropoulos says she’s definitely one of the lucky ones among the Australians who have accumulated $240 billion in household savings during the COVID-19 pandemic lockdowns. “The cost of living is definitely increasing, we’ve noticed significant increases in our grocery bill each week. The bills don’t stop and those things exacerbate the extra mortgage repayments. We’re going to have to be much stricter on what we do and what we cut out.”
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